Sienna Cancer Diagnostics has applied for listing on the Australian Stock Exchange.
The Melbourne-based company said it plans to issue up to 30,000,000 fully paid ordinary shares at a price of $0.20 per share, with the goal of raising a minimum of $4 million and a maximum of $6 million. The offer is now open with subscriptions closing 17 July 17 2017.
According to CEO, Matthew Hoskin, “This is an extremely exciting time for Sienna. Revenues from Sienna’s IVD product that was recently registered with the US Food and Drug Administration, have now commenced. The company is looking to raise capital to deliver on its growth strategies. Specifically, these funds will be used to grow revenue for the IVD product in the bladder cancer application, and expand into new markets with a focus on Europe and Asia. Sienna will also undertake research with a view to extending the application of our existing IVD product into additional cancer applications, and identify and acquire new technologies for Sienna’s product pipeline.”
The company has also announced long-term board member and largest shareholder, David Neate, has retired from the Sienna board.
Sienna chairman Dr Geoff Cumming said: “We thank David for the 12 years that he has served on Sienna’s board. His contributions to the company have been enormous, both as a board member and as an investor in the company. While David is stepping down from his board position, he has agreed to remain as an advisor to the Sienna board and management team. The board and management are extremely grateful for David’s contribution to Sienna’s growth and look forward to delivering further success to David and our other shareholders."
"It is a great pleasure to have been a part of the Sienna story and to see the company's progress to this point," said Mr Neate. "I first became involved with Sienna out of a desire to contribute to the fight against cancer. Being part of the successful development and launch of a product that may assist in the diagnosis of cancer is extremely satisfying. The board and management have my unqualified support through the IPO process and beyond, and I'm highly confident that the company is in an excellent position to continue to deliver on its mission to improve diagnostic healthcare while creating real value for shareholders."